The convergence of marketing and data analytics in 2020 will re-establish the role of CMOs, proving that the need for CMOs is never going to decrease
Top firms like McDonald’s, Uber, and Johnson & Johnson have been known to do away with the role of CMO in their organization, publicly claiming that the role wouldn’t need a replacement either. This inevitably threatened the industry as it appeared that even while enterprises were going strong and strategic on their digital transformation journey, the CMOs were on the way out the door.
Despite the fact that digital transformation has disrupted the way marketers pursue their craft altering their job titles and position descriptions over the years. The need for their experience, insights, and sound judgment is as strong as it has always been. Acquia has confirmed in a report that in the US, over two-thirds of marketers believe martech has made the process of personalizing customer experiences more difficult, rather than simplifying it.
Firms need to have the experience and skills of a CMO on tap, to navigate their way through this modern martech world to provide a positive dividend to any business. This demands that creativity should be closely aligned with data analytics. Adopting a data-driven mindset is essential for CMOs to make sense of the martech mix and take control of the chosen suite of solutions. To match the high standards of customer service and experience, CMOs need to harness the information collected by the data analytics solutions.
Without a data-driven mindset, the shiny new martech tools are merely a means of automating existing processes, adding no value to the decision making. Understanding what consumers are actually expecting as they navigate early-stage touchpoints will help in a smooth transition of a one-time buyer to a loyal customer. While marketing has traditionally been a craft practiced by creative, action-oriented thinkers, successful CMOs are the ones who understand and leverage relevant and powerful technology tools to drive their decision making.
CMOs need to work closely with their IT counterparts – the data analysts and strategists – to help turn information into actionable insights. Such collaboration will not only enrich the customer experience but also strengthen the brand image.
Organizations having experienced CMOs are best able to position brands effectively with the target attributes while offering personalized customer experiences. Firms with experienced CEOs will enjoy an advantage over others with a great value proposition, having differentiated messaging and improved customer service. Data-driven marketing will be vital to building a brand image and brand loyalty. CMOs demonstrating an ability to collaborate with different departments to achieve these ends are likely to find themselves at the heart of the entire action, not out of a job, in 2020 and beyond.